Workflow Engine
A workflow engine is a software component that orchestrates the flow of different steps of a given process. It ensures that processes are completed efficiently and in the correct order, triggering actions, notifications, or escalations as necessary. Workflow software commonly utilizes automation in order to reduce manual labor and helps teams across different departments stay up to date with tasks and coordinate hand-offs between different steps. In finance, a workflow engine is also used to enhance compliance by ensuring that tasks are completed according to regulatory guidelines.
Process automation engine
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Examples
When a person wants to open a bank account, the bank’s workflow engine handles how the different steps of the process are connected. For example, if the person uses a digital portal to fill out a new account form, the workflow engine takes that information and feeds it into the bank’s core system. It then notifies the compliance team if certain conditions are met. For example, if the person states that they are from a high-risk country.
The workflow engine also prompts the user for additional information if needed or if certain data is missing/cannot be verified. Lastly, it notifies both the client and the relevant relationship manager when the account has been successfully created.
FAQ
What is the difference between a workflow engine and a Business Rule Engine (BRE)?
A workflow engine only handles how and when one step of a given process transitions into the next. A Business Rule Engine on the other hand executes predefined rules that can affect how the steps themselves are performed. For example, during an onboarding process, a workflow engine will ensure that the customer data is sent to the core system and all relevant parties. A BRE on the other hand will dictate which information is needed for the onboarding form depending on how the customer answers key questions (such as their country of origin).
What’s the difference between a workflow engine and a workflow management system?
A workflow engine is a core component of a workflow management system (WMS). Namely, a workflow engine is responsible for executing and managing different workflows. A WMS on the other hand is a framework within which workflows can be monitored, designed, and optimized.
What are the components of a workflow engine?
A workflow engine is typically made out of three distinct components - a database, a user interface, and a process engine.
